63pc of UAE residents prefer cash gifts

Dubai, December 22, 2011

Majority of UAE residents prefer to receive ‘cash’ gifts as opposed to physical gifts of the same value, according to a new survey conducted by Western Union, a leader in money transfers and global payments.

About 63 per cent of the respondents who took part in the gifting survey by Western Union said they prefered receiving Dh500 ($136) in cash rather than a gift worth the same value.

The survey also revealed that for 33 per cent respondents, the preferred choice for cash gift recipients would be to save or invest the money followed by spending on treats for themselves (19 per cent) and using it for basic necessities like gas, groceries or bills (17 per cent).

However, when it comes to gifting their loved ones, respondents are most skeptical about overspending as 64 per cent expect to overspend in their quest to find the perfect gift for their family and friends despite making budgets.

About 59 per cent of UAE residents surveyed are planning on making budgets, an increase of over 70 per cent from the previous year.

Sobia Rahman, Western Union’s regional vice president for the Gulf, Pakistan and Afghanistan said, 'The UAE has a tradition of giving gifts of value, therefore it comes as no surprise to learn from the survey that giving and receiving cash is the most preferred gift.'

'For those giving, gifting cash is a suitable option as it helps in controlling budgets, and avoid unforeseen costs and time commitment associated with physical purchases. In addition, cash gifts enable recipients to use it in the best way they see fit, whether it means buying a gift of their choice, saving or investing,' she remarked.

To facilitate gift giving solutions this holiday season, and help consumers be mindful of their budgets, Western Union is offering 'Dh500 for Dh25 ' – consumers can send up to Dh500 from participating agent locations to loved ones across the world for Dh25.

'Western Union is renowned for its speed and reliance, something all people need from a service when sending cash. It is even more pivotal when you are sending to your loved ones during the festive season,' said Rahman.

Our business continues to revolve around customers and their needs through products, services and rewards,” she added.-TradeArabia News Service